3 Best Renters Insurance Companies For 2020 (Plus Rates)
Often more than not you are in a rush to get a renters insurance policy so that you can move into your new apartment or rental home.
And I have some great news, not only can buying renters insurance be extremely simple, but you can get renters insurance quotes online and apply for coverage in a couple of minutes.
We have reviewed 3 of the best renters insurance companies of 2020 to make your search for coverage and the buying process super easy.
Our #1 Pick
After reviewing several companies, our top pick for the best overall renters insurance is Lemonade. Their application is super fast, their site is easy to navigate, and they have some of the lowest rates.
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Find Out Who Made Our Top 3 Best Renters Insurance Companies
Plus More Details On Each Company, Why You Need Renters Insurance, What Does It Cover, And How To Apply For Coverage.
Lemonade is best overall and has the best customer service. Not only are they rated an A- by the BBB, their business model uses artificial intelligence (AI) to process claims, saving them and you, money.
They charge a flat fee that covers their expenses and the rest of the money collected as premiums goes to payouts in their 'Giveback' program.
For you, that means your claims get paid within three minutes. You can even select a non-profit from their list of causes to receive the Giveback dividends at the end of the year.
Lemonade's user experience is clean and smooth. You can use the app to apply in 90 seconds, and their website's intuitive layout makes it easy to navigate if you prefer a browser.
They also have a chatbot named Maya that is there to help you though the process.
Want to learn more? Read our full Lemonade Insurance review here.
RATES FROM $5.00/Month
(Based On Newer Construction In The State Of Georgia, A Good Insurance Score, And Other Desirable Factors.).
Progressive has been in business since 1937, and they offer renters insurance in 50 states and D.C.
They are the best renters insurance for discounts and are rated A+ by both BBB Rating and A.M. Best
Progressive has discounts for purchasing your plan online and discounts for bundling with other types of insurance they offer.
Specific to renters insurance, several items in your apartment might qualify you for a discount. These include smoke detectors, deadbolts on exterior doors, and an alarm system.
3. Quote Wizard
Quote Wizard is not an insurance company, but it is the best place to find easy price comparisons among renters insurance plans and companies.
They also have an A+ rating from the BBB and are headquartered in Seattle.
Since 2006, they have helped more than 32 million shoppers find the right policy for their insurance needs.
Their process is quick and seamless. It takes less than five minutes for you to answer about ten questions, then they email you a quote comparison.
Why do I need renters insurance?
Renters insurance is super affordable.
On average, renters insurance plans cost $16 per month. Lemonade's plans start as low as $5 per month, although if you live in certain states, you will not be able to buy a Lemonade policy.
Some landlords may require it.
Although most states do not mandate renters insurance, it is often legal for landlords to require it from renters.
If the landlord writes it into the lease, you must provide proof of renters insurance.
What does renters insurance cover?
Personal property coverage means that if something happens to your belongings, the insurance company will give you money to replace them at either cost or current value (depending on your type of policy).
Personal liability insurance will cover you in case someone decides to sue you after getting hurt at your house. The insurance company will pay the legal costs and any settlement to the injured party.
Medical payments go hand in hand with personal liability coverage. If someone sues you because they hurt themselves at your house, this coverage will take care of their medical bills.
Loss of use (also called Additional Living Expenses - ALE)
Loss of use coverage means that if something happens to your home and you cannot live there because of the damage, your insurance company will reimburse your living costs.
Some companies have time limit caps, and others have monetary caps on this benefit.
Renters Insurance Still Won't Cover...
It's a great thing to be covered with renters insurance; however, I don't want you to think it covers you for everything.
There are some things that absolutely NO renters insurance policy will cover, no matter if they are the best renter insurance company and we list them below:
If you’re concerned about flood risk, your best bet is to visit FEMA’s website to learn more about the National Flood Insurance Program.
Keep in mind, this policy will cover things like an overflowing-bathtub, situations like that aren't considered to be a flood in terms of being covered.
Earthquakes aren't covered either, if you are concerned about earthquakes you should search for a separate earthquake policy.
Like with other renters insurance plans, certain dog breeds are seen as higher-risk than others, and so a few breeds are excluded from liability protection.
No matter the insurance company or the type of insurance product, there isn't any insurance carrier that will pay out for a loss caused by an intentional act.
As you can see, if you need the best renters insurance in NYC or California, you are still going to need additional coverage for anything that might not be covered.
Who Needs Renters Insurance?
It is actually becoming a trend for apartment complexes to require renters insurance before you can move into your apartment.
While I do hate being told to buy something, or else, it’s tough to argue with their logic.
Contrary to what most people think, your personal items are not covered by your apartment complex nor are they covered by a landlord.
Anyone that is requiring you to have renters insurance is looking out for your best interest especially when you think about all the things renters insurance covers.
I find that the below list are people who usually need renters insurance most:
Students Living On Campus
If you are living on campus, I bet you didn’t know that your personal property is probably being covered by your parents.
However, if you have decided to live off campus in your own apartment or rental home that won’t be the case, and you are going to be responsible for your own policy.
In most of our lives, our personal electronics literally rule our entire world.
From our smartphones, tablets, laptops, and television, most of us probably would know what to do if those things were gone for just a day, let alone a week or month.
As a young adult getting the best rental insurance can save you thousands in heartache from broken or stolen items but also protect you in regards to how long you have to be without a thing you love.
Just like with college students, if you have parents that you are responsible for and they are living in an assisted living facility, their personal items will be covered by your homeowner's insurance policy.
However, if that isn’t the case, be sure to do a review of your parents policies, because most people would prefer to not deal with insurance.
Instead they will just pay their premiums instead of looking for something new and more affordable.
What's the best rental insurance for you?
When you look at renters insurance plans, the place to start is by thinking about your priorities.
What do you want to cover? How much are your furnishings and possessions worth?
If you have a lot of electronics—a laptop, a phone, a television—you may want to check out the electronics limit coverage on the plan you are considering.
If you have jewelry or expensive cameras, you might compare add-on prices between different companies to help you determine what the best rental insurance is for you.
Finally, customer service and ease of use are two essential features to consider. You need to trust your renters insurance to process your claim quickly and efficiently.
Is renters insurance worth it?
Renters insurance, is like any other insurance, you hope that you never have to use it, but you will sleep better knowing you have it.
The value of renters insurance is going to come from your current lifestyle and also where you live.
Some landlords will require it, so if its worth it or not really don't help you in those situations.
However, if you do need to use your renters insurance, it will be worth it because the insurance company will replace your possessions and belongings up to the policy limit.
How to apply for renters insurance
Applying for renters insurance is fast and straightforward. You can do it online very quickly.
View Your Instant Quote
First, you want to click here or any of the above buttons to start the quote process, you won't need any personal information other than the address to get your quotes fast. Once you have your quotes and pick the coverage option that works best for you, it's time to get covered.
Get Your Personal Information Together
You will need your name, address, and Social Security number. The online forms guide you through several questions to learn more about the rental you will be living in and what coverage you need.
Start Your Online Application
Once you have all of your personal information together, your next step will be to start the application. This will be easy by just following the prompts after you complete your quote.
Know The Safety Features Of Your Rental
The application might ask about smoke detectors, sprinkler systems, and deadbolts. The best renters insurance will offer discounts for those features.
Sometimes, the intake form may also ask if you have pets, especially certain dog breeds. Overall the process can take less than five minutes.
Answer Your Questions Honestly
Be sure to answer every question, truthfully. If you do not, and something happens, the company may deny your claim. Even if they do not deny your claim, you still may be committing fraud.
Add Any Additional Interest
Some landlords may require you to add them as an additional interest; this will let them know if the policy has lapsed or when you have renewed your policy. Most companies can add this during the application process or immediately afterward.
Print Your Proof Of Insurance
Once your policy has been approved and paid for, simply print out your proof of insurance, and you're covered.
Take Action - You Decide
It's time to stop believing that landlords or apartment complex's will cover your personal property when it come to getting the best renters insurance in 2020.
Not only is Lemonade easy to apply for and easy to place claims, but it also allows you to pick a cause that matters to you and donate to it.
The saying goes, "If you knew better, you'd do better," so now that you know, its time to do. You can click here to start your path to renters insurance coverage instantly, today.
IN THIS ARTICLE
Sa El is the Co-Founder of Simply Insurance and a licensed Insurance Agent with over 11 years of experience in the industry. He specializes in Life & Health Insurance and is certified in Long Term Care Insurance in the state of Georgia. He is also an Official Member of the Forbes Finance Council, a licensed real estate agent in the state of Georgia (License #382602), an entrepreneur, insurance educator, and freelance writer.